Chase lied about grandfathered WAMU accounts; they WILL start charging for non-Chase ATM use. What's a customer to do when a corporation reneges on its promises?
The only reason I opened two accounts with WAMU (1 personal and 1 joint account) was because of the free, unlimited ATM use at any ATM. When the merger was announced, I called several times to both banks and was assured that WAMU customers would keep the features they signed up with. They called it “grandfathering” the accounts.
Today, I got a letter stating that by February of next year, Chase will not be covering non-Chase ATM use anymore. When this kind of thing happens, I feel so helpless; after being reassured several times that this would not happen, it did happen. I made a point to ask a Chase rep today if they were going also going to take away my free checkbooks. He claimed that “there are no current plans at the moment to change any other account features.” Why does this not inspire any confidence for me?
I know that the best way to fight back is with my money, by closing my account and taking my business elsewhere. But what’s a couple of accounts when they have hundreds of millions of accounts (maybe even billions)? What can I do to spread the word and let other grandfathered WAMU account-holders know they are being screwed? I already sent an email to http://consumerist.com, who usually do a pretty good job of letting people know what’s going on about financial matters.
Still, even if I manage to spread the word and get lots of people to close their accounts in protest, the reality is that I’ve lost the feature that is most important to me in a bank. And it sucks.
Is the legal route the only way to keep corporations in check? What chance does a person stand against high-priced corporate lawyers? Is there even a case when all you have to go on is what a customer rep told you?
Anyways, I’d like to hear what people think about this situation and others like it. How do consumers protect themselves from being lied to? How do we hold corporations responsible for their promises? What mechanisms are in place to enforce responsibility? Do they work?
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6 Answers
Bastards. I bank with PNC and they still have free unlimited ATM use. They kind of have to, because there are so few PNC locations. (Their virtual wallet checking account is awesome.)
I think you’re already doing well. Keep spreading the word and take your money elsewhere. If you have an alternative newspaper where you live, they’d probably be pretty interested in a story like that.
I think USAA lifted military restrictions for checking and savings. Their terms are really good and you can even deposit checks using a scanner or an iPhone. They refund up to $15 worth of competitor ATM fees a month. Check them out. usaa.com
Switch to Wachovia/WellsFargo. I fucking hate Chase.
(Not only does Wachovia not charge to use other banks’ ATMs, they pay the other banks’ fees for me!! It doesn’t get any better.
A side note, I never pay any attention to something an employee tells me verbally. That can’t be enforced. The only thing that counts is what’s in writing.
We take our business to more reputable sources when that happens.
The best way to deal with an unethical business is not to give them your money.
If it bothers you, change banks. Several years ago BofA made a change in their online banking. I was a signer on my daughter’s account and they changed it to you have to be a co-owner to access the account. It took 2 weeks and hours of hanging on a customer service line before anyone could tell me what was happening. They said it was a govt reg and that was no problem except it took 2 weeks to tell me. I was so mad, I switched 6 accounts, total over 6 figures to a different bank.
There was an investment account that I had opened in 2001 that was supposed to be fee-free if not withdrawn before 8/28/2009. I stayed with that through thick and thin the last 8 years and was willing to leave it there until I needed it. Last week I got a letter saying it was being transferred to Merill Lynch and there would be fees for adding, withdrawing, and inactivity. I closed the account that same day and bought a CD.
Here in New York, the first thing I do is to inform them that I am making a formal complaint to the State Attorney General. He loves to go after big companies, especially financial companies, on consumer issues.
Generally that gets an immediate apology and a reversal or waiver of fees (or whatever satisfaction on the particular complaint would be.)
If not, then I do file an immediate complaint with every regulator I can find, but especially with the AG. I also tweet about having done so. Oh, they just hate it when you make a lot of noise.
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